Ethereum Experiences 'Golden Cross' Formation, Giving Bulls Influence According to Examination
The cryptocurrency market is experiencing a renewed surge today, with the total crypto market cap rising 2.77% to $3.8 trillion. At the forefront of this rally is Ethereum (ETH), which has broken significant price levels, surpassing $3,300 for the first time in six months.
Ethereum's strong bullish momentum has been fueled by institutional buying and reduced supply from staking. The surge has been partly driven by a massive short squeeze, institutional players like BlackRock entering the market, and potential regulatory changes in the U.S., which could unlock vast new investment pools, including retirement funds.
Analysts note that the current breakout from a long, six-year consolidation phase in altcoins (including Ethereum) is a strong technical signal historically followed by rapid and explosive gains in smaller altcoins. Market experts and traders observe that Bitcoin dominance is waning, a classical precursor to an altcoin season, where Ethereum first outperforms Bitcoin before large altcoins rally and broader market euphoria develops.
Significant inflows into Ethereum-related exchange-traded funds (ETFs) and institutional positioning further underline the growing demand and positive sentiment toward Ethereum, setting the stage for a larger altcoin cycle.
On the 24-hour timeframe, ETH is trading well above both its 50-day and 200-day Exponential Moving Averages (EMAs). The RSI at 70 on the daily chart shows that Ethereum is approaching but not yet in overbought territory. The Average Directional Index (ADX) for Ethereum suggests the current uptrend has genuine strength behind it.
Ethereum now holds 10.4% of the entire cryptocurrency market, a significant increase from its previous position. The cryptocurrency is up nearly 10% today and a whopping 26% over the past seven days.
The daily chart reveals a powerful breakout from a prolonged consolidation pattern for Ethereum, with the cryptocurrency forming a "golden cross," a pattern typically interpreted as bullish. The immediate resistance for Ethereum is $3,600, a psychological level, while the strong support is $3,000, based on previous compression zones.
Meanwhile, the S&P 500 and Nasdaq Composite closed at all-time highs on July 10. In the world of meme coins, Solana-based SPX6900 has surged nearly 20% in the last 24 hours, and Bonk, another Solana meme coin, is going neck and neck with SPX6900 in the race for the top spot among today's best-performing assets.
This renewed strength in the cryptocurrency market, led by Ethereum's strong rally, suggests that an "alt season"—where altcoins broadly experience significant price appreciation—is likely unfolding or about to begin in the crypto market.
- The cryptocurrency market's current surge is largely driven by Ethereum (ETH), which has surpassed $3,300 for the first time in six months, with its strong bullish momentum fueled by institutional buying, reduced supply from staking, and a massive short squeeze.
- The current breakout from a long, six-year consolidation phase in altcoins, including Ethereum, is a strong technical signal historically followed by rapid and explosive gains in smaller altcoins.
- Significant inflows into Ethereum-related exchange-traded funds (ETFs) and institutional positioning further underline the growing demand and positive sentiment toward Ethereum, setting the stage for a larger altcoin cycle.
- On the 24-hour timeframe, ETH is trading well above both its 50-day and 200-day Exponential Moving Averages (EMAs), and the Average Directional Index (ADX) for Ethereum indicates the current uptrend has genuine strength behind it.
- The renewed strength in the cryptocurrency market, led by Ethereum's strong rally, suggests that an "alt season"—where altcoins broadly experience significant price appreciation—is likely unfolding or about to begin in the crypto market.
